FCA Approves Michael Summersgill to Take on the Role of AJ Bell CEO

Further to the announcement made by AJ Bell plc (AJ Bell) on 16 June 2022 regarding Michael Summersgill's appointment as Chief Executive Officer (CEO) with effect from 1 October 2022, AJ Bell announces some subsequent Board changes.

The Financial Conduct Authority (FCA) has approved Michael Summersgill under the Senior Managers & Certification Regime (SMCR) to take on the role of CEO with effect from 1 October 2022.

Andy Bell has decided to step down from the Board with effect from 30 September 2022 but will continue to work with the business in a consultancy role.

Andy Bell, Chief Executive, comments:"I accept the regulator's views and as a result have decided to step down from the Board in order that I can continue the journey I started 27 years ago, supporting the business in the most effective way I can. My focus will be on helping to build the AJ Bell brand as well as continuing to support AJ Bell's campaigning and lobbying efforts on behalf of retail investors and financial advisers. I have complete confidence in the Board, Michael and the wider management team and remain a committed long-term shareholder."

In addition, Helena Morrissey has advised the Board that she will stand down from the Board once a suitable replacement as Chair has been found. Evelyn Bourke, AJ Bell's Senior Independent Director, will now initiate a process to identify and appoint a new Chair.